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LiquidFluoride
(@LiquidFluoride)
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September 23, 2013 11:55 pm  

10 KW system is 40 panels. That will produce avarage 1350 Kwh per month, or $700 worth of WAPA at today's rate.

at a 15 year loan and a decent interest rate that is about 250$ per month, something I'd much rather pay especially with large comfort zone of produced power ( I plan on getting at least 1 more electric vehicle)....

being self sustaining is far more valuable than many people understand, especially in light of the economic situation of the globe among other things.


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LiquidFluoride
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September 24, 2013 6:35 pm  

got a quote from VI solar depot. for a 32 panel system (8.1kw) that's pretty attractive.

I'm now looking for financing, probably local.


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mutig25
(@mutig25)
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September 24, 2013 6:38 pm  

As a side note, if you are looking for financing, Scotia Bank offers an EcoEnergy Loan with a maximum of $25,000 that you can borrow and with an interest rate of 8.99%. I am looking into this as a colleague of mine recently had solar panels installed and used Scotia Bank for financing. According to them it was fairly painless process. The interest rate isn't ideal, but given the current utility rates the monthly installment payment will be lower than my WAPA bill.


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LiquidFluoride
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September 24, 2013 6:44 pm  

As a side note, if you are looking for financing, Scotia Bank offers an EcoEnergy Loan with a maximum of $25,000 that you can borrow and with an interest rate of 8.99%. I am looking into this as a colleague of mine recently had solar panels installed and used Scotia Bank for financing. According to them it was fairly painless process. The interest rate isn't ideal, but given the current utility rates the monthly installment payment will be lower than my WAPA bill.

well interest rates and loan amounts often have a lot to do with your credit score, so maybe it will be different numbers for you and I?


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mutig25
(@mutig25)
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September 24, 2013 6:53 pm  

I stand corrected, the loan through Scotia Bank is called EcoSolutions Loan, and the interest rate for this given loan is a fixed 8.99% with a maximum of $25,000, provided you meet their credit approval. That is, you may not borrow more than that amount and the interest rate does not get better even with a higher credit score than the minium for approval.

That being said, there certainly are other alternatives for financing such as a second mortgage or even refinancing.


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LiquidFluoride
(@LiquidFluoride)
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September 24, 2013 6:56 pm  

I haven't even paid my first mortgage payment on this house (just got it)...

damn 8.99% is rape! haha do you know the term of the loan? is it 180 month (15 year) or shorter?

at those figures a 15 year loan for 25,000 is $253.42 a month... pretty reasonable really and a TON of solar ( my 8.1 quote came in at just over 25,000)


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mutig25
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September 24, 2013 7:01 pm  

Of course, that is the one question I forgot to ask them. I will find out and report back. I saw somewhere about another possibility of financing, ie the PowerSaver Loan sponsored by FHA:

http://www.powersaverloan.com/

It looks like they also do financing, at least in PR, but not sure about VI. Will try to find out more and let you know. Their terms are 15-20 years also with a maxium of $25,000.


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LiquidFluoride
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September 24, 2013 7:23 pm  

Of course, that is the one question I forgot to ask them. I will find out and report back. I saw somewhere about another possibility of financing, ie the PowerSaver Loan sponsored by FHA:

http://www.powersaverloan.com/

It looks like they also do financing, at least in PR, but not sure about VI. Will try to find out more and let you know. Their terms are 15-20 years also with a maxium of $25,000.

this is another bank using hte FHA program (there are 18 aproved banks for this program)

http://www.admiralsbank.com/renewable-energy-lending/loan-programs/solar-step-down

I'm calling them now


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Alana33
(@alana33)
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September 24, 2013 7:45 pm  

Thanks for any info.
8.99% is freaking rediculous.
Definitely, let us know what you find out re: financing.
That's the only way I can afford to go solar but not paying 8.99%.


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LiquidFluoride
(@LiquidFluoride)
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April 29, 2014 6:06 pm  

Ive finally got my financing figured out and now there's no netmetering... so prices have gone up, A LOT....

not sure what I'm going todo, getting quotes currently. (some of which are nearly 50,000)


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MissJustice
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April 29, 2014 6:13 pm  

Call West Indies Solair. He can give you back up and emergency power and he won't rip you off. EcoVI is not very honest.
And the law just changed to allow an extension of small domestic systems.


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LiquidFluoride
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April 29, 2014 6:33 pm  

Call West Indies Solair. He can give you back up and emergency power and he won't rip you off. EcoVI is not very honest.
And the law just changed to allow an extension of small domestic systems.

I think "small" is considered 5KW and bellow, I run a horse rescue and pump a LOT of water; I need around a 9-11KW system; but I'll have to verify.

do you have a link to the verbage?


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SkysTheLimit
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April 29, 2014 9:20 pm  

Call West Indies Solair. He can give you back up and emergency power and he won't rip you off. EcoVI is not very honest.
And the law just changed to allow an extension of small domestic systems.

I think "small" is considered 5KW and bellow, I run a horse rescue and pump a LOT of water; I need around a 9-11KW system; but I'll have to verify.

do you have a link to the verbage?

Get whatever permit you can. Then go from there. 5 KW is a good start...


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LiquidFluoride
(@LiquidFluoride)
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April 30, 2014 12:01 am  

Get whatever permit you can. Then go from there. 5 KW is a good start...

Well, I've got a big family and run a charity, so money isn't exactly something I have... haha I can take a loan (one at a time) from my retirement so I was kinda trying to do it all at once (and free up some cash for my kiddos by cutting the power bill)

But your probably right, I'll have to see what I can do if permits are back on the table.


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